Panasonic Agrees to Help Tesla Build Battery ‘Gigafactory’: Panasonic Corp. agreed to help set up the battery...

Panasonic will build cylindrical lithium-ion cells and provide equipment, machinery and other tools for Musk’s “Gigafactory,” the Osaka, Japan-based company said today in a joint statement with Tesla. The companies said they were still discussing the details, including Panasonic’s financial contribution to the facility, which Tesla has estimated could cost as much as $5 billion by 2020. “We will reach a plan that is profitable,” Panasonic Chief Financial Officer Hideaki Kawai said at a news conference in Tokyo. “We will do step-by-step investment to meet the gradually growing needs.” Tesla has courted Panasonic to invest in the factory Musk is counting on to produce cheaper batteries and help transform the company from a seller of $71,000 Model S sedans into a mass- market carmaker capable of producing 500,000 vehicles a year. Panasonic, which owns 1.1 percent of Tesla, si...